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5th grade · Social Studies · Unit 7 of 7

Earning & Saving

Savings plans and a kid business

What your child practices

Making a savings plan for a goal, estimating what a youth business can earn, income, expenses and profit, incentives, career choices and why people save differently.

Maine Learning Results learning standard: Personal Finance · choices about earning, saving and using banks and other financial institutions

How we explain it

Children can open this short lesson before they practice.

  1. Income is money you earn. Profit is income minus costs.
  2. To find earnings, multiply the price by how many times you work.
  3. To plan saving, divide the goal by how much you save each week.

Example: Sam wants a $45 game and saves $9 each week. How many weeks will it take? Divide the goal by the weekly savings. 45 ÷ 9 = 5. Answer: 5 weeks

Earning & Saving in Maine

In the Maine Learning Results, this is unit 7 of 7 in 5th grade Social Studies, after Colonies to Constitution.

Gradelings describes a child's practice on this unit as Beginning, Approaching, Meeting or Exceeding (Four practice steps). That reflects practice, not a report-card mark: the teacher decides the mark.

Source: Maine Department of Education

Sample questions

A taste of this unit. In the app, questions change every time and get easier or harder to match your child.

  1. Question 1

    Maya charges $8 to walk a dog and walks 5 dogs this month. How much does Maya earn?

    • $13
    • $48
    • $32
    • $40

  2. Question 2

    Why might two families save different amounts?

    • one family doesn't care
    • saving is not allowed
    • their incomes, needs and experiences differ

  3. Question 3

    An incentive is…

    • a kind of coin
    • something that encourages people to act
    • a law against trade

  4. Question 4

    A savings plan helps you…

    • avoid all goals
    • reach a goal by putting money aside regularly
    • spend everything now

  5. Question 5

    Lena charges $5 to walk a dog and walks 6 dogs this month. How much does Lena earn?

    • $35
    • $11
    • $30
    • $25

  6. Question 6

    Lena charges $14 to walk a dog and walks 9 dogs this month. How much does Lena earn?

    • $140
    • $112
    • $126
    • $23

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